bksy-20250331

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

___________________________________

FORM 10-Q

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(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2025


o			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 001-39113

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BLACKSKY TECHNOLOGY INC.

___________________________________

(Exact name of registrant as specified in its charter)


Delaware			83-1833760
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)
2411 Dulles Corner Park Suite 300 Herndon, Virginia			20171
(Address of Principal Executive Offices)			(Zip Code)

(571) 267-1571

Registrant’s telephone number, including area code

___________________________________

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class A common stock, par value $0.0001 per share	BKSY	The New York Stock Exchange
Warrants, exercisable for shares of Class A common stock at an exercise price of $92.00 per share	BKSY.W	The New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ý No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	o	Accelerated filer	o
Non-accelerated filer	☒	Smaller reporting company	☒
		Emerging growth company	o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No ý

As of May 5, 2025, there were 31,652,390 shares of the registrant’s Class A common stock, at $0.0001 par value, outstanding.

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		Page
	Part I. Financial Information
Item 1.	Financial Statements	4
	Condensed Consolidated Balance Sheets	5
	Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income	6
	Condensed Consolidated Statements of Changes in Stockholders’ Equity	7
	Condensed Consolidated Statements of Cash Flows	8
	Notes to Condensed Consolidated Financial Statements	10
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	30
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	45
Item 4.	Controls and Procedures	45
	Part II. Other Information
Item 1.	Legal Proceedings	46
Item 1A.	Risk Factors	46
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	46


Item 5.	Other Information	47
Item 6.	Exhibits	48
	Signatures	49

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SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains, and our officers and representatives may from time to time make, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which statements involve substantial risks and uncertainties. All statements contained in this Quarterly Report on Form 10-Q other than statements of historical fact, including statements regarding our future results of operations and financial position, our business strategy and plans, and our objectives for future operations, are forward-looking statements. The words “believe,” “may,” “will,” “potentially,” “estimate,” “continue,” “anticipate,” “plan,” “intend,” “could,” “would,” “expect” and similar expressions that convey uncertainty of future events or outcomes are intended to identify forward-looking statements. Forward-looking statements included in this Quarterly Report on Form 10-Q include, but are not limited to, statements regarding:

•our ability to expand our services and offerings to customers both domestically and internationally;

•our ability to expand within our current customer base;

•our expectations about market trends and needs;

•the performance and capabilities of our next generation satellites (“Gen-3”) and related ground systems;

•our ability to add new satellites and sensors to our commercial operations;

•our ability to compete with legacy satellite imaging providers and other emergent geospatial intelligence providers;

•our ability to expand our product capabilities;

•our ability to effectively integrate LeoStella LLC’s operations into our business and improve control over the Gen-3 satellite supply chain and production operations;

•the performance of our BlackSky Spectra® software platform;

•our ability to invest in our software, research and development capabilities;

•our ability to integrate proprietary and third-party sensor data;

•our ability to continue delivering data in a cost-effective manner;

•our ability to comply with laws and regulations applicable to our business;

•our ability to maintain and protect our brand;

•our ability to retain or recruit key employees;

•our ability to maintain intellectual property protection for our products or avoid or defend claims of infringement;

•our anticipated capital expenditures, liquidity, and our estimates regarding our capital requirements;

•our estimates of market growth, future revenue, expenses, cash flows, capital requirements and additional financing;

•our ability to manage the timing of capital expenditures to allow for additional flexibility to optimize our long-term liquidity requirements;

•our ability to optimize our cash spend to meet short- and long-term operational needs;

•the volatility of the trading price of our common stock;

•the impact of local, regional, national and international economic conditions and events; and

• other factors including but not limited to those detailed under the section entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024 and filed by us with the Securities and Exchange Commission (the “SEC”).

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We have based these forward-looking statements largely on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives and financial needs. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described in Part I, Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for us to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the forward-looking events and trends discussed in this Quarterly Report on Form 10-Q may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements.

You should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that the future results, performance, or events and circumstances reflected in the forward-looking statements will be achieved or occur. We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements, whether written or oral, except as required by law.

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PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

BLACKSKY TECHNOLOGY INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)

(in thousands, except par value)


	March 31,		December 31,
	2025		2024
Assets
Current assets:
Cash and cash equivalents	$	20,748	$	13,056
Restricted cash	1,153		1,322
Short-term investments	55,076		39,406
Accounts receivable, net of allowance of $60 and $45, respectively	7,926		14,701
Contract assets	32,431		27,852
Inventories	—		6,043
Prepaid expenses and other current assets	4,005		4,356
Total current assets	121,339		106,736
Property and equipment - net	60,617		45,613
Operating lease right of use assets - net	3,873		4,029
Goodwill	10,303		10,260

Intangible assets - net	5,238		5,446
Satellite work in process	75,576		80,601
Other assets	7,919		1,461
Total assets	$	284,865	$	254,146
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable and accrued liabilities	$	13,042	$	20,419

Contract liabilities - current	12,573		2,183
Debt - current portion	3,750		1,927
Other current liabilities	2,639		1,493
Total current liabilities	32,004		26,022


Operating lease liabilities	7,877		8,048
Derivative liabilities	16,063		17,964
Deferred revenue - long-term	24,000		—
Long-term debt - net of current portion	111,598		105,736
Other liabilities	4,474		2,387
Total liabilities	196,016		160,157
Commitments and contingencies (Note 15)
Stockholders’ equity:
Class A common stock, $0.0001 par value-authorized, 300,000 shares; issued, 31,653 and 30,960 shares; outstanding, 31,356 shares and 30,663 shares as of March 31, 2025 and December 31, 2024, respectively.	3		3
Additional paid-in capital	757,847		750,174
Accumulated deficit	(669,001)		(656,188)
Total stockholders’ equity	88,849		93,989
Total liabilities and stockholders’ equity	$	284,865	$	254,146

See notes to unaudited condensed consolidated financial statements

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BLACKSKY TECHNOLOGY INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(unaudited)

(in thousands, except per share amounts)


	Three Months Ended March 31,
		2025		2024
Revenue
Imagery & software analytical services		$	16,829	$	17,833
Professional & engineering services		12,715		6,403
Total revenue

SEC Form 10-Q filed by BlackSky Technology Inc.